Strong premium increase, mainly driven by the integration of Fireman's Fund Insurance Co. (FFIC) and positive currency developments. Second-largest property and casualty insurer within the Allianz group and the group's dedicated carrier for global corporate and specialty insurance. Well-established brand, extensive network, global footprint, with a pronounced emphasis on the U.S., and broad business diversification. Ongoing challenging economic environment and competitive pressure. Solid Solvency II ratio of 205% in 2015 for AGCS SE. Underwriting performance weakened by integration costs and reserve strengthening in parts of the FFIC portfolio. Elevated potential volatility of capital and earnings, due to exposure to natural catastrophes and other large-loss events. We view Allianz Global Corporate&Specialty (AGCS) group's core operating subsidiaries--Allianz Global Corporate&
